HomeMy Public PortalAboutResolution 64-376RESOLUTION 64 -376
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF TEMPLE CITY
AUTHORIZING THE ADVANCE OF
FUNDS FOR THE ACQUISITION OF
CERTAIN REAL PROPERTY FOR PUB-
LIC PARKING PURPOSES IN CONNEC-
TION WITH FORMATION OF PARKING
DISTRICT NO. 1 PURSUANT TO THE
PROVISIONS OF VEHICLE PARKING
DISTRICT LAW OF 1943.
WHEREAS, on April 8, 1964, a petition for the formation
of a vehicle parking district under the provisions of the Vehicle
Parking District Law of 1943 (Part 1 of Division 18 of the Streets
and Higheays Code) was filed in the office of the City Clerk, and
said petition was duly signed by the requisite number of qualified
signers and contained all of the matters and things required by
law and was in every respect sufficient; and
WHEREAS, said petition was checked by said City Clerk, and
said Clerk made a certificate to the effect that said petition is
signed by the requisite number of qualified signers and presented
said petition and said certificate to this City Council; and
WHEREAS, proceedings have been duly taken under the
Special Assessment Investigation, Limitation and Majority Protest
Act of 1931 (being Division 4 of the Streets and Highways Code)
and pursuant thereto a report has been prepared and filed and a
hearing set thereon for the same time and place as the time and
place herein fixed for hearing of protests and objections; and
WHEREAS the City Council on May 18, 1964 adopted
Ordinance No. 64 -134, being an ordinance of the City of Temple
City, California, declaring the intention of the City Council to
form Vehicle Parking District No. 1 and to acquire and improve
lands for parking places, as proposed in the petition therefor,
fixing June 29, 1964 as the time and place for hearing, and
WHEREAS, the above - referenced Ordinance No. 64 -134 pro-
vides in Section 4 that Lots 580, 581, 582, 583, and 584 of Tract
No. 6561 as shown on map recorded in Book 72, pages 34 and 35 of
Maps in the office of the Recorder of Los Angeles County is land
to be acquired in fee simple, which property shall hereinafter be
referenced as "The Subject Property," and
WHEREAS, C. Annette Young, hereinafter referenced as Mrs.
Young, owner of the Subject Property has advised her real estate
broker, Ray G. Fortner, that unless the Subject Property is pur-
chased by the City on or before June 3, 1964 for the sum of
$68,500, pursuant to the terms and conditions of City Escrow
Services, Inc., Escrow No. 5563, a copy of which excrow instruc-
tions are attached to this Resolution, marked Exhibit "A" and made
a part hereof as though set forth in full, The Subject Property
will no longer be held available for City purchase at the price
of $68,500 and will be sold on the open market, and
WHEREAS, the City believes that the purchase price of
$68,500 is a price below the actual market value, and
WHEREAS, it is in the best interests of Parking District
No. 1, if formed, that The Subject Property be acquired at the
advantageous price of $68,500, and
WHEREAS, the City cannot reasonably be expected to lose
money, but rather to gain a profit upon the subject land in the
event Parking District No. 1 is not formed, and
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WHEREAS, the Vehicle Parking District Law of 1943 provides
(Section 31710, Streets and Highways Code) that the legislative
body may advance from the general fund of the City or out of any
other available funds such amount of money as may be necessary to
acquire property prior to formation of the particular Parking
District, and
WHEREAS, the City Council desires to advance at the pre-
sent time a sum not to exceed $7,500 to secure the Subject
Property,
NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF TEMPLE CITY,
CALIFORNIA DOES RESOLVE AS FOLLOWS:
SECTION 1. The City Council of the City of Temple City
does hereby find that it is in the public interest to advance in
the interest of prospective Parking District No. 1 the sum of
$7,500, which sum shall be used to pay the down payment called
for in the escrow instructions, Exhibit "A ", as well as escrow
expense and interest payments. The remaining balance of said
$7,500 shall be used to pay the monthly payments called for in
the said escrow instructions.
SECTION 2. The Mayor and City Manager are hereby author-
ized and directed to execute for and on behalf of the City the
aforedescribed escrow instructions, Exhibit "A" and to do such
other acts and things which shall be reasonably required to carry
out the intent of this Resolution.
SECTION 3. The City Council does hereby declare that any
money advanced by the City pursuant to this Resolution shall be
repaid from the first monies available from cash collections of
assessments or sale of bonds or both following the recordation of
the assessment in respect to Parking District No. 1, as provided
in Section 31710 of the Streets and Highways Code.
PASSED AND ADOPTED this June 1, 1964.
Mayor of the City of
Temple City, California
ATTEST:
L`city Clerk or t e City f
Temple City, Californi
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